The biggest investor in Bermuda-based Omega Insurance Holdings Ltd. wants to force multiple changes to the insurer's board, including the introduction of Bermuda industry veterans Jim Bryce and Robin Spencer-Arscott.

Invesco, which owns a 29 percent stake in Omega, wants to replace outgoing non-executive chairman Walter Fiederowicz and non-executive director Christopher Clarke and it is also seeking to appoint four additional directors to the board.

The property and casualty re/insurer announced on November 18 this year that Mr. Fiederowicz would be stepping down as chairman, and that Korn/Ferry had been appointed to conduct the search for a new independent chairman expected to be appointed by the end of the year.

In a notification sent earlier this month, calling for a special general meeting (SGM) of shareholders, Invesco called for John Coldman, a former Benfield chairman who left after the reinsurance broker was acquired by Aon, to take over as chairman.

Invesco also wants Mr. Bryce, who retired as chief executive officer of IPC Holdings Ltd. at the end of June before the reinsurer was taken over by Validus Holdings Ltd., to replace Mr. Clarke.

And the asset management company also calls for Robin Spencer-Arscott and Jonathan Betts to each be appointed as additional directors to the Omega board to hold office as Class II directors of the company; and Ernest Morrison and David Cooper to each be appointed as Class I directors of the company.

Omega said the initial notification from Invecso, did not constitute a legally binding requisition, but yesterday Invesco said it had sent a revised requisition notice calling for the Omega board to hold an SGM.

A spokesman for Omega told The Royal Gazette yesterday: "The board of Omega is still trying to find a compromise solution and is seeking to engage with all shareholders on this matter."

In its statement, Invesco said it wishes to "make clear also, for the benefit of staff, customers, brokers and other parties, that this action should be regarded as a statement of support for the business going forward as Invesco believes it is in the best interests of Invesco's investors and in recognition of Omega's excellent underwriting track record."

According to Bloomberg data, Invesco owns a 29.02 stake in London-listed Omega. Artemis Investments, which holds 11.93 percent of the company, and Aviva, which has 7.6 percent, are the other major shareholders in the insurer.

Omega was yesterday unchanged at 117.5p in LSE trading.